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News / Other data

* The U.S. dollar was steady on Wednesday as investors tempered their risk appetites ahead of the release of minutes of the Federal Reserve's policy meeting that could offer clues on the outlook for inflation and interest rates.

* Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Chief Executive Barry Silbert said in a letter to shareholders on Tuesday afternoon.

* Sterling slipped against a strengthening U.S. dollar on Monday as global risk sentiment was dented by rising COVID-19 cases in China, which led to new restrictions in the world's second largest economy.

* The dollar retreated across the board on Tuesday, ceding some of the ground gained in the previous session, as investors looked past worries about China's COVID flare-ups, boosting demand for more risky currencies.Equities, commodities and riskier currencies were largely firmer on Tuesday, a day after fresh COVID-19 curbs in China fuelled worries over the global economic outlook.

* Most Asian currencies rose slightly on Tuesday as they recovered from sharp declines in recent sessions, although hawkish comments from some Federal Reserve officials and concerns over rising COVID-19 cases in China kept markets subdued.

* The U.S. dollar rose against most major currencies on Monday, recouping recent losses, as fresh COVID-19 curbs in China fuelled worries over the global economic outlook and made traders shun riskier currencies.

Data inference

* 'Actual' greater than 'Forecast' is good for currency.

* 'Actual' greater than 'Forecast' is good for currency.

Chart for the day

Observation

* On looking at Daily chart of USDINR, after a strong rally from the 80 levels till 83.2, Now we can observe that the prices have started to get into Lower Low, Lower High formation.

* Prices after 6 trading session, for the first time have managed to close below Prior Day low.

* Post the Breakdown from Double top pattern on 9th November 2022, Prices have reversed while taking resistance from the pattern Neckline, confirming the reversal in the trend.

* The negative Crossover between 10 & 20 Days EMA also illustrates the bearish undertone of the counter. The 10 and 20 Days EMA have acted as a strong variable support for the prices

* RSI on the Daily timeframe is sustaining below the 50 mark which reflects the momentum for the down move

Inference

* Sell below 81.65 Target 80 Stoploss 82.20

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